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Problems solved by technology
Method used
Benefits of technology
Benefits of technology
The system described in this patent can provide better guidance and stability to the process of creating and managing a community reserve. It can also make it easier for people to access and monitor the movement of money in these reserves.
Problems solved by technology
The issues with all traditional community reserves are they are unsecure, informal, lack proper oversight and limit its participants to cooperatives existing of only their closest associates, family or friends.
An issue, which is of great concern, is the organizer's improper securing of participants' contributions for disbursement.
Another concern is that some participants may not all be legally employed which increases the risk of participants not being able to fulfill their commitment.
Any participants' failure or inability to make their contribution burdens the appointed representative with the responsibility of supplementing the difference or asking the other participants to increase their contribution amounts.
Traditional community reserves do not guarantee receipt of participants' disbursement.
The final issue is that all new participants are unable to select their distribution date.
Method used
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[0132]Bi-Weekly Contribution per Share: $500 (except for the last cycle)
[0133]Sum of Contribution: $500
[0134]Transactions
[0135]1st Cycle[0136]$2000 (Admin Fees) Collected
[0137]2nd Cycle[0138]$4750 (Security) Collected[0139]Security placed in trust
[0140]3rd Cycle[0141]$4750 (Security) Collected[0142]Security placed in trust
[0143]4th-12th Cycles[0144]$500 collected from all participants except from the cycle's recipient.[0145]$4,500 is collected and placed in the trust.[0146]$4,500+Security Deposit in Trust[0147]$5,000 withdrawn from the trust then deposited in recipient's acct.
[0148]13th Cycle[0149]Nothing is collected from any participant[0150]$5,000 remaining in trust will be deposited in last recipient's account
[0167]2nd Cycle[0168]$4750 (Security) Collected[0169]Security placed in trust
[0170]3rd Cycle[0171]$4750 (Security) Collected[0172]Security placed in trust
[0173]4th-12th Cycles[0174]$500 collected from all participants except from the cycle's recipient.[0175]$4,500 is collected and placed in the trust.[0176]$4,500+Security Deposit in Trust[0177]$5,000 withdrawn from the trust then deposited in recipient's acct.
[0178]13th Cycle[0179]Nothing is co...
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Abstract
This invention relates to a system and a method for securely managing community reserves. The system includes a software (Sengsoo) tailored for the rapid and efficient management and processing of community reserves. The system may provide the much needed oversight and stability to the community reserve process. The system may be used to vigorously assess, evaluate and verify that all information received by participants is accurate and legitimate. The system may make the community reserve process completely automated. The system may deliver accurate as well as punctual community reserves disbursements. The system may provide the opportunity for participants new to a community reserve to choose their desired disbursement date. The system may be used to secure existing community reserves and establish new reserves. The system may offer variations in disbursement cycles. The software may be used by the participants to access their community reserve accounts in order to monitor all transactions related to the community reserve.
Description
BACKGROUND OF THE INVENTION[0001]This invention relates to a system and a method for securely managing the community reserve process. Thousands Of individuals participate in traditional community reserves all over the United States. It is a method used for monetary conservation and advancement in order to meet goals. Community reserves are commonly organized:[0002]To help individual meet financial obligations[0003]Weddings or Honeymoon expenses[0004]Vehicles (down payments on new or used cars)[0005]For down payments on a new homes or to stop foreclosures[0006]Education purposes (for tuition or college loans)[0007]Start a business or grow a business[0008]Help out friends or family in need[0009]Cosmetic surgery[0010]Su-su, Partna, Kaes, Tanda and Sociedad are all names for traditional community reserves, which, are also known as money pools. In a money pool people collectively conserve funds on a weekly, biweekly or monthly basis until each person has had the chance to collect the fun...
Claims
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Application Information
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Invalid Date:Actual expiry date is based on effective date or publication date of legal transaction data of invalid patent.
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